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Dow and Nasdaq Close Lower
Jul 31, 4:12 PM EDT |
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| Earnings disappointment, rising crude oil price and lack of economic news kept averages in check. |
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| Natural gas and crude oil futures jumped more than one dollar. The heat wave in the Midwest and uncertainty driven by Israel and U.N. Security Council resolution asking Iran to suspend nuclear enrichment by the end of August kept oil rebounding. Crude oil closed at $74.40 per barrel and natural gas at $8.21 per mBTU. Tyson reported wider than expected loss. Valero LP reported lower earnings and forecasted similar profit in the current quarter. |
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Weak European Close
Jul 31, 12:41 PM EDT |
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| HSBC Holdings reported a 15% jump in first-half net profit on a better contribution from investment banking. Shares of HSBC edged 0.3% lower. |
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| European markets closed lower, pulling back from last-week highs, despite well-received earnings reports from major companies. Advancers included media and publishing group Pearson, up 1%, Dutch delivery-services group TNT, up 3.5%, and ASM International, up 6.5%. The German DAX 30 fell 0.4%, the French CAC 40 lost 0.4%, while London FTSE 100 dropped 0.8%. |
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Sandisk to Buy M-Flash for $1.3 B
Jul 31, 11:41 AM EDT |
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| M-Systems surged 13.2% after the company agreed to be acquired by SanDisk for $1.35 billion in stock. |
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| Stocks traded mixed to lower late Monday morning as investors locked in recent gains. Avon Products dropped over 8% after reporting 54% decline in earnings to 33 cents per share from 69 per share last year on restructuring charges. Among other movers, Blue Nile fell 5% on quarterly earnings, while shares of 51Job Inc. climbed 10% on brokerage upgrade. |
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Sensex in India, Rally on Earnings
Jul 31, 10:40 AM EDT |
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| The Sensex closed higher for the fourth day in a row. The main index gained 63 points and is now up 6% in the last four trading days. |
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| Sensex in India gained for the fourth day in a row. The index gained 0.60%. IT, auto, bank and cement companies led the gainers. A parade of rising earnings improved investor sentiment. Jagran Prakashan rose 20% on 1:5 stock split and earnings gain of four-fold. Hindustan Lever declared Rs 3 dividend. Welspun Gujarat rose 11% on 66% rise in earnings. Fall in global oil price supported a rise in local auto stocks. |
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Market Opens Lower
Jul 31, 10:13 AM EDT |
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| Dow component Wal-Mart Stores Inc. added 40 cents to $44.86 after the retailer reported July same-store sales rose 2.4%. |
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| Humana Inc said Q2 net income advanced to 53 cents a share from 49 cents a share a year on 53% revenue growth, beating expectations. HSBC Holdings, banking services company, reported that first-half net profit advanced 15% to $8.73 billion as total operating income jumped 15% to $34.33 billion. Tyson dropped 8.4% on disappointing Q3 profit and lowered forecasts. |
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Apple Gains on Upgrade
Jul 31, 9:09 AM EDT |
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| Light, crude oil fell 29 cents to $72.95 a barrel. The dollar declined against the Japanese yen and remained steady against the euro. |
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| U.S. stock futures declined early Monday as investors were cautious due to the ongoing violent conflict in the Middle East. Shares of Apple Computer rose 2% on Inet after Banc of America Securities upgraded it to buy from neutral and raised its price target to $79 from $68, citing strong demand for MacBooks and iPod digital music players. |
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Japanese Car Output Grows Overseas
Jul 31, 8:00 AM EDT |
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| Japanese automakers produced 10.93 million vehicles abroad in fiscal year 2005, while they made 10.89 million vehicles in Japan. |
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| The Japan Automobile Manufacturers Association said that for the first time the Japanese automakers produced more vehicles overseas than they did at home. Japanese automakers have been boosting market share in the U.S. and other key global regions as soaring oil prices make their fuel-efficient models more attractive to consumers. |
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Upbeat Earnings Boost Asia
Jul 31, 7:32 AM EDT |
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| Asian stocks were higher Monday, as optimistic earnings reports from past week from major exporters, prompted more positive results in coming days. |
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| The agenda this week will once again be dominated by earnings reports. Among major companies, Toshiba and Toyota Motor are due to report. The Nikkei 225 Average ended higher, in what is the benchmark third straight gain, as corporate results have been encouraging. Other indexes across the region also finished higher. |
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Brokerage, Housing Stocks Advance
Jul 28, 11:38 AM EDT |
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| Chesapeake Energy Corp. posted an 86% jump in Q2 profit due to an aggressive drilling and gas field acquisition program. |
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| Coventry Health Care, health insurer, posted Q2 net income growth to 84 cents a share, up from 79 cents a share last year. Office Depot, office products retailer, reported Q2 profit rise of 18% to 41 cents a share from 31 cents a share a year ago. ITT Corp. said that Q2 net income increased 2.3% to 75 cents a share from 73 cents a share a year ago, with revenue rising 11%. |
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Economic Slowdown Powers Rally
Jul 28, 10:17 AM EDT |
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| Light crude lost 45 cents to $74.09 on the Nymex.The U.S. dollar extended its losses to the yen. Gold prices slipped to $640 an ounce. |
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| Stocks rallied at opening, following second-quarter GDP data release. The Commerce Department said GDP growth slowed to a 2.5% annual rate from 5.6% in the first quarter, feeding hopes that the Federal Reserve may not continue raising interest rates further. The GDP report said core consumer prices surged 2.9%, while the department''s employment cost index rose a stronger-than-forecast 0.9%. |
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